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Fri 3 Jul 2009 05:32 PM

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Qatar's used-car market sees boom time - paper

Vacationers and laid-off employees sell their vehicles before heading home.

Qatar’s second hand car market is seeing a rise in business with the advent of summer, as a number of vacationers and laid-off employees are selling their vehicles before heading home, according to a report.According to the Qatar-based daily The Peninsula, the demand and supply of used cars has shot up during this season, as many nationals and residents consider this as the best time to sell out or change their cars.

The recession had made it difficult for the market, as people were unable to get vehicle loans from banks easily. And since the scenario has not changed much, coupled with the oversupply of vehicles, has brought the prices down, the newspaper added.

The Peninsula said that victims of lay-offs by companies have sold their cars in order to earn some money before returning to their home countries.

A contributing factor this year is the significant number of residents, who have lost jobs following lay offs by companies on the back of the global meltdown.

The daily quoted an Arab national who planned to sell his car as saying: “I have come here to sell my old Camry car which I have been using for the past 10 years.” He had been working with a ministry and is leaving Doha for good after losing his job, it added.

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